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As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Given our global business, tariffs result in additional cost for us and our suppliers. In 2025, the U.S. established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK, Japan and Korea, establishing a mutual elimination of tariffs. In 2026, the Supreme Court ruled against tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The ruling did not address refunds of tariffs paid. As of March 31, 2026, we have not recorded a benefit for potential refunds of IEEPA tariffs paid. We will continue to monitor recent developments on tariff policy and evaluate any changes to the applicability of tariffs to our business as they occur.
Read in the filing ↗ Also in 10-Q of Jul 16, 2026, 10-K of Jan 29, 2026, 10-Q of Oct 21, 2025
As we operate in a highly dynamic tariff environment, we remain focused on delivering our products and services to our customers. Given our global business, tariffs result in additional cost for us and our suppliers. In 2025, the U.S. established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK, Japan and Korea, establishing a mutual elimination of tariffs. In 2026, the Supreme Court ruled against tariffs imposed under the International Emergency Economic Powers Act (IEEPA). In the first nine months of 2026, GE Aerospace submitted refund requests and received a portion of previously paid IEEPA tariffs. We will continue to monitor recent developments on tariff policy and evaluate any changes to the applicability of tariffs to our business as they occur.
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2025 Guidance Assumptions: GE Aerospace's full-year 2025 guidance now assumes impact of announced tariffs net of actions, full-year departures -b) growth of low-single-digits vs. prior growth of mid-single-digits, and delaye d spare engine deliveries. Guidance does not assume changes in airframer delivery schedules, further tariff escalation or a global economic recession.
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• Offsetting tariff impact by optimizing operations, leveraging existing programs and strategies, taking measures to control cost, and implementing pricing actions.
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• global economic trends, competition and geopolitical risks, including evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); demand or supply shocks from events such as a major terrorist attack, war (including the ongoing conflict between Russia and Ukraine and conflict in the Middle East), natural disasters or actual or threatened public health pandemics or other emergencies;
Read in the filing ↗ Also in 8-K of Jul 17, 2025, 8-K of Jan 22, 2026, 10-K of Jan 29, 2026, 8-K of Apr 21, 2026, 10-Q of Apr 21, 2026, 8-K of Jul 16, 2026, 10-Q of Jul 16, 2026, 8-K of Oct 20, 2026, 10-Q of Oct 20, 2026
• changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, government defense budgets, regulation, incentives and emissions offsetting or trading regimes related to climate change, and the effects of tax law changes;
Read in the filing ↗ Also in 8-K of Oct 22, 2024, 10-K of Feb 3, 2025, 8-K of Jan 22, 2026, 10-K of Jan 29, 2026, 8-K of Apr 21, 2026, 10-Q of Apr 21, 2026, 8-K of Oct 21, 2025, 10-Q of Oct 21, 2025, 8-K of Apr 23, 2024, 8-K of Jan 23, 2025, 8-K of Apr 22, 2025, 8-K of Jul 17, 2025
• changes in law, regulation or policy that may affect our business, including policies related to trade, tariffs or capital allocation; government defense priorities or budgets; environmental or climate regulation, incentives and emissions offsetting or trading regimes and the effects of tax law changes or audits;
Read in the filing ↗ Also in 10-Q of Jul 16, 2026, 10-Q of Oct 20, 2026, 8-K of Oct 20, 2026
Profit increased primarily due to increased spare parts volume, internal shop visit volume and workscopes and improved pricing. These increases were partially offset by the impact of higher install engine deliveries, inflation, higher growth investment and an unfavorable change in estimated profitability of our long-term service agreements, primarily from the estimated impact from tariffs.
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Profit increased primarily due to increased internal shop visit and spare parts volume and higher workscopes and improved pricing. These increases were partially offset by the impact of higher install engine deliveries, inflation, higher growth investment and an unfavorable change in estimated profitability of our long-term service agreements, primarily from the estimated impact from tariffs.
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• global economic trends, competition and geopolitical risks, including evolving impacts from sanctions, tariffs or other trade tensions between the U.S. and other countries; demand or supply shocks from events such as a major terrorist attack, war (including the ongoing conflict between Russia and Ukraine and conflict in the Middle East), natural disasters or actual or threatened public health pandemics or other emergencies;
Read in the filing ↗ Also in 10-Q of Oct 21, 2025
• changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including the impact of the Inflation Reduction Act and other policies), and the effects of tax law changes; 12 • our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost- effective manner;
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The cash impacts from changes in working capital was $(0.3) billion for the six months ended June 30, 2026, a decrease in cash used of $0.2 billion compared to 2025, due to: current receivables of $0.5 billion, driven by higher collections primarily in CES, including increased collections from CFM International, partially offset by higher volume; inventories, including deferred inventory, of $0.8 billion, driven by higher output and lower tariffs, partially offset by higher material input. These decreases were partially offset by current contract assets, contract liabilities and current deferred income of $(0.4) billion, driven by higher revenue recognition and a lower unfavorable change in estimated profitability on long-term service agreements, primarily driven by the absence of charges, including a $0.1 billion reversal of a majority of the tariff-related charge from the first quarter of 2025, partially offset by higher billing and accounts payable of $(0.6) billion, driven by higher disbursements partially offset by higher volume. Progress collections were flat.
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• global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and related sanctions and risks related to conflict in the Middle East; demand or supply shocks from events such as a major terrorist attack, war, natural disasters or actual or threatened public health pandemics or other emergencies; or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries;
Read in the filing ↗ Also in 8-K of Oct 22, 2024, 8-K of Jan 23, 2025, 10-K of Feb 3, 2025, 8-K of Apr 23, 2024, 8-K of Jan 23, 2024
The cash impact from changes in working capital was $(1.8) billion for the nine months ended September 30, 2026, an increase in cash used of $(0.9) billion compared to 2025, due to: current receivables of $(1.1) billion, driven by higher volume, partially offset by higher collections primarily in CES; current contract assets, contract liabilities and current deferred income of $(0.5) billion, driven by higher revenue recognition and a lower unfavorable change in estimated profitability on long-term service agreements, primarily driven by the absence of charges, including a $0.1 billion reversal of a majority of the tariff-related charge from the first quarter of 2025, partially offset by higher billings; and accounts payable of $(0.6) billion, driven by higher disbursements partially offset by higher volume. These increases were partially offset by inventories, including deferred inventory, of $0.8 billion, driven by higher output and lower tariffs, partially offset by higher material input; and progress collections of $0.4 billion, driven by higher collections primarily in CES.
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Profit increased primarily due to internal shop visit volume and workscopes, increased spare parts volume, price and a lower unfavorable change in estimated profitability on long-term service agreements, primarily driven by the absence of charges. In the first quarter of 2026, we recorded an unfavorable change in estimated profitability on long-term service agreements of less than $0.1 billion, including a $0.1 billion reversal of a majority of the tariff-related charge in the first quarter of 2025. These increases were partially offset by the impact of higher install engine deliveries and higher growth investment.
Read in the filing ↗ Also in 10-Q of Jul 16, 2026
Profit increased primarily due to higher internal shop visit volume and heavier workscope, increased spare parts volume, price and a lower unfavorable change in estimated profitability on long-term service agreements, primarily driven by the absence of charges. In the first nine months of 2026, we recorded an unfavorable change in estimated profitability on long-term service agreements of $0.1 billion, including a $0.1 billion reversal of a majority of the tariff-related charge in the first quarter of 2025. These increases were partially offset by the impact of higher install engine deliveries, higher growth investment and inflation.
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For the quarter, orders of $9.6 bil lion increased 15%, with services increasing 31%. Revenue of $7.0 billion was up 14% with services growing 17%, driven by more than 20% growth in spare parts revenue and an 11% increase in internal shop visit revenue. Equipment revenue grew 9%, as customer mix, in addition to price, more than offset lower units. Profit of $1.9 billion was up 35% from services volume, mix, and price, which more than offset inflation, investments and a year-over-year change in estimated profitability on long-term service agreements, including estimated tariff impact. Margins expanded 420 basis points.
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The cash impacts from changes in working capital were $(1.0) billion, a decrease of $0.6 billion compared to 2024, due to: current receivables of $(1.4) billion, driven by higher volume partially offset by higher collections; inventories, including deferred inventory, of $(0.5) billion, driven by higher material purchases; current contract assets, contract liabilities and current deferred income of $(0.4) billion, driven by higher revenue recognition, partially offset by billings and net unfavorable changes in estimated profitability on long-term service contracts mainly related to tariffs; progress collections of $0.3 billion, driven by higher collections partially offset by higher liquidations; and accounts payable of $1.3 billion, driven by higher volume for material purchases.
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Contract assets (liabilities) and other deferred assets (income), on a net basis, increased the net liability position by $ 550 million for the nine months ended September 30, 2025, primarily due to an increase in long-term service agreements liabilities of $ 525 million. In aggregate, the net liability for long-term service agreements increased primarily due to billings of $ 7,147 million and net unfavorable changes in estimated profitability of $ 296 million, including quarterly updates to contract margins and an estimated impact from tariffs, primarily in Commercial Engines & Services, partially offset by revenue recognized of $ 6,865 million. Revenue recognized for contracts included in a liability position at the beginning of the year were $ 5,884 million and $ 5,063 million for the nine months ended September 30, 2025 and 2024, respectively.
Read in the filing ↗ Also in 10-K of Jan 29, 2026
For the quarter, orders of $17.3 bil lion increased 93%, with services increasing 49% and equipment more than tripling. Revenue of $8.9 billion was up 34%. Services grew 39% with internal shop visit revenue up 35% and spare parts revenue growing more than 25%. Equipment revenue grew 20%, from unit volume up 50%, partially offset by customer mix. Profit of $2.4 billion was up 23% from higher services volume, price and absence of charges related to estimated profitability on long-term service agreements. In 1Q'26 we recorded charges related to estimated profitability on long-term service agreements of approximately $(30) million including approximately $100 million reversal of a majority of the tariff-related charge recorded in 1Q’25. Overall, margins contracted (230) basis points from in stall engine growth (including GE9X) and investments.
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Contract assets (liabilities) and other deferred assets (income), on a net basis, decreased the net liability position by $ 187 million for the six months ended June 30, 2026, primarily due to decreases in long-term service agreement liabilities of $ 202 million. In aggregate, the net liability for long-term service agreements decreased primarily due to revenue recognized of $ 5,468 million, partially offset by billings of $ 5,208 million and net unfavorable changes in estimated profitability of $ 42 million driven by quarterly updates to contract margins, including a reversal of $ 118 million of tariff-related charges taken in the six months ended June 30, 2025, primarily in CES. Revenue recognized for contracts included in a liability position at the beginning of the year were $ 4,775 million and $ 3,892 million for the six months ended June 30, 2026 and 2025, respectively.
Read in the filing ↗ Also in 10-Q of Apr 21, 2026, 10-Q of Oct 20, 2026
The cash impacts from changes in working capital was $(0.5) billion for the three months ended March 31, 2026, a decrease of $0.6 billion compared to 2025, due to: current receivables of $(0.4) billion, from higher volume partially offset by higher collections, including increased collections from CFM International, primarily in CES; current contract assets, contract liabilities and current deferred income of $(0.3) billion, driven by higher revenue recognition and a lower unfavorable change in estimated profitability on long-term service agreements, primarily driven by the absence of charges, including a $0.1 billion reversal of a majority of the tariff-related charge from the first quarter of 2025, partially offset by higher billings; progress collections of $(0.1) billion, driven by higher liquidations partially offset by higher collections. These decreases were partially offset by inventories, including deferred inventory, of $0.2 billion, driven by lower material purchases. Accounts payable was flat, driven by lower volume offset by lower disbursements.
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… Political developments or policy shifts in areas such as tariffs, export controls, including restrictions on rare earth minerals or other trade barriers, sanctions, technical or local content regulations, currency controls, global tax laws or other laws and policies, have been and may continue to be disruptive and costly to our business. These can interfere with our global operating model, supply …
Read in the filing ↗ Also in 10-K of Feb 3, 2025
… In particular, trends globally toward increased protectionism, import and export controls, required licenses or authorizations to engage in business with certain countries or entities, the use of tariffs, restrictions on outbound investment and other trade barriers can result in actions by the U.S. government and governments around the world that have been and may continue to be disruptive and …
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… oversight and changes, regulatory certification timing, environmental regulations and related impacts, terrorism and related security concerns, aircraft safety incidents, general economic conditions (including inflationary pressures and new or increased tariffs), tightening of credit in financial markets, corporate profitability, cost reduction efforts and remaining performance obligation levels. Any of these factors could have a negative impact on new orders or on …
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… In particular, recent trends globally toward increased protectionism, import and export controls, required licenses or authorizations to engage in business with certain countries or entities, the use of tariffs, restrictions on outbound investment and other trade barriers can result in actions by governments around the world that have been and may continue to be disruptive and costly to our business …
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